Luận văn thạc sĩ Mối quan hệ giữa quản trị vốn luân chuyển và khả năng sinh lợi trong các doanh nghiệp Việt Nam - nghiên cứu điển hình các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam

LÊ NGUY N TRUNG THI N NGHIÊN CHUYÊN NGÀNH: NGÂN HÀNG 31.12 TS TP 12 i Và trình khác K18 ii ày iii lên tính th Bài 344 lý Effect Model) cao iv làm (Deloof, 2003) v 13 19 21 23 nh (3.1) 27 29 31 33 vi ACP (Average Collection Period) APP (Average Payment Period) toán bình quân ITID (Inventory Turnover In Days) CCC (The Cash Conversion Cycle) CR (Current Ratio) DR (Debt Ratio) LOS (Logarithm Of Sales) FATA (Financial Assets to Total Assets) NOP (Net Operating Profitability) Qui mô công ty vii 1: .5 2: .10 11 12 .14 .15 17 17 17 18 19 19 22 22 26 4: .36 36 40 , , : a Tuy nhiên , n vi c toán , tiêu n doanh ên quan Conversion Cycle a công ty, 38 - gánh hình POQ (Production Order Qu Các 39 4.3 D li u nghiên c u c th c hi n m t m u quan sát 344 doanh nghi p hai sàn giao d ch ch ng khoán Hà N i TP HCM pháp l y m u thu n ti n nên i di n mong Các 40 , 2009, Kê 2011, , 2007, Abdul Raheman & Mohamed Nasr, 2007, Working Capital Management and Profitability Case of Pakistani Firms, International Review of Business Research Papers.Vol.3 No.1 March 2007, Pp.279 300 Alipour, M, 2011, Working Capital Management and Corporate Profitability: Evidence from Iran, World Applied Sciences Journal 12, 1094-1099 Deloof, M, 2003, Does Working Capital Management Affects Profitability of Belgian Firms?, Journal of Business Finance & Accounting, Vol 30 No & pp 573 587 Pedro Juan García-Teruel, Pedro Martínez-Solano, 2007 Effects of working capital management on SME profitability, International Journal of Managerial Finance, Vol Iss: 2, pp.164 177 Tryfonidis, 2006, Relationship between working capital management and profitability of Listed Companies in the Athens Stock, Journal of Financial Management and Analysis, 26-35 41 Amarjit Gill, Nahum Biger, Neil Mathur, 2010, The Relationship Between Working Capital Management And Profitability: Evidence From The United States, Business and Economics Journal, Volume 2010: BEJ-10 10.Dr Sarbapriya Ray Shyampur Siddheswari Mahavidyalaya, University Of Calcutta, (2012), India, Evaluating the Impact of Working Capital Management Components on Corporate Profitability: Evidence from Indian Manufacturing Firms, International Journal of Economic Practices and Theories, Vol 2, No 3, 2012 (July), e-ISSN 2247 7225 42 NOP ACP APP ITID CCC CR DR LOS FATA Mean 0.213494 65.31691 45.73772 100.3845 119.9637 1.788692 0.514948 26.58108 0.051070 Median 0.180000 49.51000 32.70500 82.08500 102.8050 0.890000 0.540000 26.58000 0.020000 Maximum 1.100000 600.8400 637.4400 450.0700 459.9700 336.9500 0.970000 30.87000 0.890000 Minimum -0.080000 0.000000 0.000000 0.000000 165.3000 0.140000 0.000000 21.27000 0.010000 Std Dev 0.143562 59.37744 46.71339 77.73567 91.00599 9.279884 0.226828 1.398489 0.089642 Skewness 1.383641 2.350524 3.309073 1.317422 0.865571 30.44078 0.256511 0.002752 3.701980 Kurtosis 5.897242 12.76691 26.25232 4.945401 3.727537 1038.985 2.091971 3.315351 24.27343 Jarque-Bera 1150.383 8420.282 41887.05 768.7676 252.7084 77182940 77.95250 7.129131 36362.05 Probability 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.028309 0.000000 Sum 367.2100 112345.1 78668.88 172661.3 206337.5 3076.550 885.7100 45719.45 87.84000 Sum Sq Dev 35.42890 6060645 3751100 10387631 14236913 148033.8 88.44380 3361.973 13.81343 Observations 1720 1720 1720 1720 1720 1720 1720 1720 1720 43 Probability NOP NOP 1.000000 - ACP APP ITID CCC CR DR LOS ACP -0.325510 -14.26912 0.0000 1.000000 - APP -0.252824 -10.83111 0.0000 0.494560 23.58516 0.0000 1.000000 - ITID -0.213035 -9.037504 0.0000 0.238931 10.19879 0.0000 0.403535 18.28054 0.0000 1.000000 - CCC -0.264578 -11.37165 0.0000 0.602689 31.30512 0.0000 0.154071 6.463228 0.0000 0.802939 55.83463 0.0000 1.000000 - CR -0.029512 -1.223774 0.2212 -0.020823 -0.863295 0.3881 -0.073995 -3.075417 0.0021 -0.084123 -3.499206 0.0005 -0.047461 -1.969438 0.0491 1.000000 - DR -0.351327 -15.55354 0.0000 0.157429 6.607645 0.0000 0.284199 12.28630 0.0000 0.242968 10.38184 0.0000 0.164376 6.907120 0.0000 -0.199416 -8.434964 0.0000 1.000000 - LOS 0.045542 1.889617 0.0590 -0.201411 -8.522891 0.0000 -0.137742 -5.764183 0.0000 -0.080969 -3.367124 0.0008 -0.129871 -5.428974 0.0000 -0.135845 -5.683283 0.0000 0.323877 14.18911 0.0000 1.000000 - FATA -0.089545 -3.726483 0.0002 0.037222 1.543866 0.1228 -0.027471 -1.139049 0.2548 -0.083349 -3.466785 0.0005 -0.032809 -1.360633 0.1738 0.055492 2.303628 0.0214 -0.220897 -9.387801 0.0000 0.019808 0.821176 0.4117 FATA 1.000000 - 44 Correlated Random Effects - Hausman Test Equation: EQ1 Test cross-section random effects Test Summary Chi-Sq Statistic Cross-section random effects test comparisons: Variable Fixed ACP CR DR LOS FATA Cross-section random effects test equation: Dependent Variable: NOP Method: Panel Least Squares Sample: 1720 Periods included: Cross-sections included: 344 Total panel (balanced) observations: 1720 -0.000236 0.000035 -0.238045 0.042441 0.031834 Prob 54.556444 Cross-section random Chi-Sq d.f 0.0000 Random Var(Diff.) Prob -0.000320 0.000015 -0.241962 0.026606 -0.068171 0.000000 0.000000 0.000126 0.000011 0.000430 0.0001 0.4580 0.7271 0.0000 0.0000 45 Variable Coefficient Std Error t-Statistic Prob C ACP CR DR LOS FATA -0.778359 -0.000236 3.47E-05 -0.238045 0.042441 0.031834 0.123163 5.36E-05 0.000194 0.020366 0.004689 0.042167 -6.319748 -4.398083 0.178786 -11.68833 9.050732 0.754970 0.0000 0.0000 0.8581 0.0000 0.0000 0.4504 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.816554 0.769990 0.068852 6.499296 2356.837 17.53615 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.213494 0.143562 -2.334695 -1.228835 -1.925543 1.958615 46 Correlated Random Effects - Hausman Test Equation: EQ1 Test cross-section random effects Test Summary Chi-Sq Statistic Prob 52.930270 Cross-section random Chi-Sq d.f 0.0000 Random Var(Diff.) Prob -0.000202 -0.000495 -0.243319 0.028288 -0.063838 0.000000 0.000000 0.000136 0.000011 0.000436 0.1218 0.0000 0.3423 0.0000 0.0000 Cross-section random effects test comparisons: Variable APP CR DR LOS FATA Fixed -0.000169 -0.000238 -0.232255 0.043365 0.041242 47 Cross-section random effects test equation: Dependent Variable: NOP Method: Panel Least Squares Sample: 1720 Periods included: Cross-sections included: 344 Total panel (balanced) observations: 1720 Variable Coefficient Std Error t-Statistic Prob C APP CR DR LOS FATA -0.813562 -0.000169 -0.000238 -0.232255 0.043365 0.041242 0.123520 6.27E-05 0.000232 0.021379 0.004710 0.042715 -6.586481 -2.692347 -1.022348 -10.86351 9.206840 0.965516 0.0000 0.0072 0.3068 0.0000 0.0000 0.3345 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.814992 0.768031 0.069144 6.554645 2349.545 17.35481 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.213494 0.143562 -2.326215 -1.220355 -1.917063 1.950041 48 Correlated Random Effects - Hausman Test Equation: EQ1 Test cross-section random effects Test Summary Chi-Sq Statistic Prob 48.286928 Cross-section random Chi-Sq d.f 0.0000 Random Var(Diff.) Prob -0.000172 -0.000434 -0.244817 0.027776 -0.076658 0.000000 0.000000 0.000128 0.000011 0.000435 0.1381 0.0000 0.3767 0.0000 0.0000 Cross-section random effects test comparisons: Variable ITID CR DR LOS FATA Fixed -0.000147 -0.000182 -0.234818 0.042035 0.028657 49 Cross-section random effects test equation: Dependent Variable: NOP Method: Panel Least Squares Sample: 1720 Periods included: Cross-sections included: 344 Total panel (balanced) observations: 1720 Variable Coefficient Std Error t-Statistic Prob C ITID CR DR LOS FATA -0.769343 -0.000147 -0.000182 -0.234818 0.042035 0.028657 0.124637 4.19E-05 0.000230 0.020854 0.004736 0.042657 -6.172673 -3.503181 -0.792253 -11.26024 8.875615 0.671804 0.0000 0.0005 0.4284 0.0000 0.0000 0.5018 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.815663 0.768873 0.069019 6.530841 2352.673 17.43242 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.213494 0.143562 -2.329853 -1.223994 -1.920701 1.956643 50 Correlated Random Effects - Hausman Test Equation: EQ1 Test cross-section random effects Test Summary Chi-Sq Statistic Prob 44.646607 Cross-section random Chi-Sq d.f 0.0000 Random Var(Diff.) Prob -0.000221 -0.000508 -0.251122 0.026347 -0.091283 0.000000 0.000000 0.000125 0.000011 0.000453 0.0050 0.0000 0.5463 0.0000 0.0000 Cross-section random effects test comparisons: Variable CCC CR DR LOS FATA Fixed -0.000174 -0.000251 -0.244365 0.040862 0.012335 51 Cross-section random effects test equation: Dependent Variable: NOP Method: Panel Least Squares Sample: 1720 Periods included: Cross-sections included: 344 Total panel (balanced) observations: 1720 Variable Coefficient Std Error t-Statistic Prob C CCC CR DR LOS FATA -0.726074 -0.000174 -0.000251 -0.244365 0.040862 0.012335 0.124932 3.73E-05 0.000230 0.020442 0.004731 0.042762 -5.811775 -4.682300 -1.092834 -11.95381 8.637334 0.288466 0.0000 0.0000 0.2747 0.0000 0.0000 0.7730 Effects Specification Cross-section fixed (dummy variables) R-squared Adjusted R-squared S.E of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.816941 0.770475 0.068779 6.485588 2358.653 17.58155 0.000000 Mean dependent var S.D dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter Durbin-Watson stat 0.213494 0.143562 -2.336806 -1.230947 -1.927654 1.965344 52 ... 0.0000 -0 .199416 -8 .434964 0.0000 1.000000 - LOS 0.045542 1.889617 0.0590 -0 .201411 -8 .522891 0.0000 -0 .137742 -5 .764183 0.0000 -0 .080969 -3 .367124 0.0008 -0 .129871 -5 .428974 0.0000 -0 .135845 -5 .683283... 6.463228 -3 .075417 12.28630 -5 .764183 -1 .139049 55.83463 -3 .499206 10.38184 -3 .367124 -3 .466785 -1 .969438 6.907120 -5 .428974 -1 .360633 -8 .434964 -5 .683283 2.303628 14.18911 -9 .387801... 1.000000 - FATA -0 .089545 -3 .726483 0.0002 0.037222 1.543866 0.1228 -0 .027471 -1 .139049 0.2548 -0 .083349 -3 .466785 0.0005 -0 .032809 -1 .360633 0.1738 0.055492 2.303628 0.0214 -0 .220897 -9 .387801